The collection of commercial property rents, seven days after the June Quarter due date, have reached the highest level achieved for any quarter during the pandemic so far, according to the latest REMark Report, published by Remit Consulting. Remit’s figures for the June Quarter Day, which are verified by the
Barings Real Estate, one of the world’s largest diversified real estate investment managers, and Hana, a brand by leading workplace provider Industrious, have secured HSBC UK who will occupy part of the Flex centre of the Landmark office development in Manchester. HSBC UK has leased 10,300 sq ft of flexible
Scarborough Group International (SGI) has commenced works on site to deliver a significant exemplary office building at Thorpe Park Leeds. The 133,118 sq ft building, which is pre-let to leading credit management company, Lowell, sets a new benchmark in workplace design at the park and has a gross development value
Multi award-winning industrial and logistics commercial property practice, M1 Agency LLP, has launched a new East Midlands office based in Nottingham. M1 is a niche commercial agency practice, with offices in London and Birmingham, offering specialist business space agency advice across the UK and Europe. They were recognised with investment transaction of the year in 2019 and best industrial development scheme of the year in 2018, along
Isio, one of the country’s leading independent pensions advisory firms, has signed a lease for 9,183 sq ft of offices at Royal London’s 3 Hardman Square office building in Spinningfields, Manchester. CBRE and Colliers International represented Royal London and Cushman & Wakefield acted for Isio. Isio was formed following the
10-minute walk anyone? Picture an alternative reality where you can wake up and be at your workplace, school, supermarket, or sports centre within less than 10 minutes – walking. It’s a choice most people have to make, where there oughtn’t to be a choice at all – do I live
CEG’s 200,000 sq ft EQ development in the heart of Bristol City Centre broke ground on the main construction phase this week, becoming the largest speculative office development currently underway in the south of England. BAM Construction has been appointed to deliver the striking glass building at 111 Victoria Street,
WORKPLACE refreshment specialists, R+R Hub is preparing to expand following an off-market commercial property deal by Innes England. Property consultancy Innes England has successfully secured two new units for the business, which designs and installs custom-built ‘micro-markets’, the perfect canteen alternative, for offices around the country, creating the ultimate refreshment
Fiera Real Estate (“FRE UK”) and Opus North are delighted to announce that construction has started on site at 12 King Street, having received planning permission for the premier Grade A office building in September 2020. The property, which occupies a prime position in the heart of Leeds’ CBD, was
Barings, one of the world’s largest diversified real estate investment managers, has announced that its 180,000 sq. ft. Landmark office development at St Peter’s Square in Manchester City Centre offers occupiers a ‘touch-free’ experience due to a host of smart technology features. Technology forms an integral part of Landmark’s design,
The collection of commercial property rents, seven days after the June Quarter due date, have reached the highest level achieved for any quarter during the pandemic so far, according to the latest REMark Report, published by Remit Consulting. Remit’s figures for the June Quarter Day, which are verified by the UK’s major managing agents, reveal that, overall, an average of 66.5 per cent of rents due from tenants of commercial property were collected by property managers and landlords. This compares to a figure of 60.5 per cent collected seven days after the start of the previous Quarter. The previous highest collection rate, a week after the due date, was 62 per cent, which was collected in the September Quarter. By comparison, the equivalent figure from 12 months ago was 50.7 per cent. The latest REMark Report also reveals that, overall, 62.3 per cent of retail rents were collected within seven days of the due date, with 61.2 per cent of rents due from shopping centre occupiers collected, and 54.7 per cent of rents collected from ‘high street’ retail tenants. The best performing retail asset class was retail warehousing, where nearly 75 per cent of rents were collected within seven days of the due date. There was a dramatic increase in the amount of rent collected from pubs, bars and restaurants, where, on due date, only 5.4 per cent of rents were paid. This rose to 27.1 per cent after seven days. Steph Yates of Remit Consulting says: “While these figures on rent collection are still a long way short of what was experienced pre-pandemic, they are the most positive we have seen seven days following the due date. “The overall collection rate is closer to the 21-day collection rates for both March this year and the September Quarter of 2020. It should also be remembered that in the June Quarter of 2020, overall collection rates had only reached 72.5 per cent by the end of the 90-day period.” According to Remit Consulting, since the start of the pandemic in March 2020, investors and property owners, which include many pension funds and other institutions, have seen a shortfall in the rent they have received from commercial occupiers of GBP6.4 billion, equating to approximately GBP1 in every GBP6 of rent due going unpaid. During the pandemic, Remit Consulting has worked in conjunction with the British Property Federation (BPF), the RICS, Revo, the Property Advisors Forum, and other members of the Property Industry Alliance (PIA), analysing the collection of rent and service charge payments by the country’s largest property management firms. The research covers around 125,000 leases on 31,500 prime commercial property investment properties across the country.
Barings Real Estate, one of the world’s largest diversified real estate investment managers, and Hana, a brand by leading workplace provider Industrious, have secured HSBC UK who will occupy part of the Flex centre of the Landmark office development in Manchester. HSBC UK has leased 10,300 sq ft of flexible space in the Hana by Industrious at St Peter’s Square centre located on the lower floors of Landmark. Barings entered into a management agreement in January this year with Hana, now part of Industrious, to design, build and operate a 32,000 sq ft premium flexible workspace within Landmark. HSBC UK’s lease comprises the majority of the second floor in Landmark and means that approximately 40% of the lettable space within Hana by Industrious at St Peter’s Square is now pre-let prior to its launch in September this year. HSBC UK is the fifth global occupier that Barings has secured at Landmark in recent months. In addition to the agreement with Hana, Barings secured Allianz Insurance, one of the largest general insurers in the UK who is relocating over 100 Commercial and Engineering Insurance colleagues from Piccadilly Gardens into the 10,883 sq ft first floor at Landmark later this year. Additionally, global professional services firm Grant Thornton agreed a 15 year lease to relocate its Manchester team into the 13,219 sq ft eleventh floor of Landmark and will take occupation of the space later this year upon completion of its fit-out. Change Please, the award-winning premium coffee company and social enterprise supporting people out of homelessness which has several worldwide outlets, will also operate the coffee and pastry bar within Landmark. HSBC UK, Allianz, Hana, Grant Thornton and Change Please will join global property company JLL who moved its Manchester team into the 14,004 sq ft 10th floor last year, representing JLL’s largest commercial office outside of London. Completed in 2020, the 180,000 sq ft award-winning Landmark development offers 14 floors of BREEAM Excellent and Wired Score Platinum certified, office space in Manchester City Centre. Barings’ focus on well-being, customer experience, sustainability and technological infrastructure at Landmark provides all-important facilities for existing and future tenants, including contactless technologies enabling touch-free movement within the building, a dedicated cycle storage and maintenance hub, high-quality showers and changing facilities, electric car charging spaces and Amazon lockers for package delivery and returns. Hana by Industrious at St Peter’s Square, the second Hana location in Manchester, will feature a number of private offices (Hana Team) that can accommodate between one and 300+ people. Each office comes with an array of branding options for occupiers, enterprise-grade technology and configurable layouts. Hana by Industrious at St Peter’s Square will also offer coworking space for solo professionals (Hana Share) and on-demand meeting space (Hana Meet) that can be let by the hour, day, or week. Ian Mayhew, Managing Director at Barings, said: “To have pre-let, in partnership with Hana by Industrious, nearly 40% of the flexible space within Landmark and secured another global occupier is a fantastic result. We have attracted six high-profile occupiers since the building completed, five of which having signed up during the pandemic demonstrating the demand for both traditional and flexible high quality office space. The flexible offering within Landmark means that we can be truly inclusive and offer solutions to a wide range of office requirements all within a sustainable, first class building in the city’s best location.” Jamie Hodari, CEO and Co-Founder of Industrious, said; “To see this level of demand in St. Peter’s Square at Hana by Industrious is extremely exciting, particularly pre-opening, and is further proof that flexible workplace solutions are at the center of the future of the office. We’re thrilled to provide an engaging workplace to HSBC UK and its team, which fits squarely within the growing demand we see from global occupiers looking to incorporate greater flexibility in their workplace strategy. We feel especially proud to do so in a best-in-class building like Landmark. We look forward to our continued partnership with Barings, serving customers like HSBC UK and others over the coming years.” Leasing agents on Landmark are CBRE, Colliers International and JLL. HSBC UK was advised by CBRE.
Scarborough Group International (SGI) has commenced works on site to deliver a significant exemplary office building at Thorpe Park Leeds. The 133,118 sq ft building, which is pre-let to leading credit management company, Lowell, sets a new benchmark in workplace design at the park and has a gross development value of £52 million. Representatives from both SGI and Lowell met on site to mark the official ground-breaking with GMI Construction, principal contractor for the project, just a matter of weeks after funding was secured for the project through OakNorth Bank. GMI expects to complete the building by September 2022, ready for the tenant to commence their CAT-B fit-out works before they relocate in 2023. The pre-let to Lowell was announced earlier this year and represents the largest single out of town office deal ever recorded in West Yorkshire and the biggest property transaction in the Northern Powerhouse region over the last twelve months. Lowell has agreed a 15-year lease to occupy the building and will relocate its UK headquarters from two sites at Leeds Valley Park. The building, which will extend over seven floors with two levels of underground podium parking and amenity below, marks the evolution in the design of out of town office space and is being constructed in line with the very latest human health and wellbeing standards. Its location and adjacent landscaped courtyard will create an anchor point for the next development plots that will be largely pedestrianised, providing easy access to The Springs retail and leisure park and new green park. Designed by award-winning architects, Carey Jones Chapman Tolcher, the building is to represent a new benchmark for future development at Thorpe Park Leeds, with an environmental performance target rating of BREEAM ‘Excellent’ and principles set out in the WELL Standard to provide an exemplar environment for users. Kevin McCabe, Chairman at SGI, said: “We are pleased to be able to start on site so quickly after securing planning consent, funding and of course concluding the landmark letting with our new neighbours Lowell. The transaction is excellent news for the region and a huge vote of confidence in the existing & future environment at Thorpe Park as well an indicator that the office market remains strong, despite the pandemic. “We continue to engage with businesses seeking to locate at Thorpe Park Leeds, some of which are existing occupiers looking to expand, and we remain committed to our ambition to deliver further phases of office development to ensure that Thorpe Park maintains and advances its position within the Northern Powerhouse as the flagship location for business, employment and quality of life.” Lee Powell, Divisional Managing Director of GMI Construction Group, said: “We are delighted to start on site with our next significant project at Thorpe Park Leeds as we maintain our long-term and trusted partnership with SGI to deliver phase two. The scale of delivery is considerable and as principal contractor we are excited to be working closely with the entire delivery team to build the biggest single office building in Leeds out of town history. It really is exciting to see how Thorpe Park Leeds has excelled in recent years to become a thriving business and leisure destination and we are proud to be a part of it.” Lisa Wragg, Head of Office Services at Lowell said: “This building is the culmination of many months of tireless work by all involved to get it to this stage. We’re really excited to see the construction of our new home finally starting to take shape and look forward to celebrating the next milestone in due course.” In recognition of the hard work that has gone into getting the project to this stage, while simultaneously observing social distancing guidelines in place, SGI staged a virtual ground breaking ‘Pass the Poster’ challenge. The TikTok-style video, which can be viewed here, features a 30-strong team involved in the project, including contractors, engineers, architects, landscape architects, agents, planners, lenders and sustainable transport consultants alongside the SGI and Lowell teams sharing key messages about the HQ building and wider Thorpe Park Leeds development. Thorpe Park Leeds is an already well-established business location, strategically located with its own dedicated access at Junction 46 of the M1. More than 900,000 sq ft of office space is already built supporting over 5,500 jobs and The Springs retail and leisure park sits at the core of the mixed-use business community with a line-up of major high street brands including Next, M&S, ODEON Luxe, Pure Gym, Boots, H&M and TK Maxx along with a growing range of smaller, independent, niche retail and leisure businesses. Further development plans include the delivery of a 113-acre public park with sports and wellbeing facilities for the community of the Leeds City Region and beyond. The phase two development at Thorpe Park Leeds was enabled following a unique investment deal with Legal & General Capital in 2015. Since then a transformational 1.35 million sq ft mixed-use expansion has progressed bringing exceptional new business opportunities to the Leeds City Region. It has also enabled the delivery of the first section of the ‘East Leeds Orbital Route’ (ELOR), a key piece of transport infrastructure connecting north and east Leeds to Junction 46 of the M1. This road also unlocks land for the future construction of over 7,000 new homes on the East Leeds area. The Award-winning development has been chosen for the new railway station ‘East Leeds Parkway’ and associated Park and Ride, connecting directly to Leeds City Centre in less than eight minutes. This forms part of a £270 million infrastructure investment into Leeds by the Department of Transport.
Multi award-winning industrial and logistics commercial property practice, M1 Agency LLP, has launched a new East Midlands office based in Nottingham. M1 is a niche commercial agency practice, with offices in London and Birmingham, offering specialist business space agency advice across the UK and Europe. They were recognised with investment transaction of the year in 2019 and best industrial development scheme of the year in 2018, along with various other credits from Costar for leading transactional volumes. The business continues to perform well having recently sold a site recently for £92 million on the M1 and advised on a £310 million development funding in the West Midlands, reinforcing their strong market position Its new East Midlands office will be led by local team of Matthew Smith and James Keeton, who have both left JLL to join M1 Agency at a very exciting time for the business. The agency’s new East Midlands office will operate across a range of commercial sectors with key instructions within industrial and logistics across the region including HBD’s 39-acre New Horizon scheme, Verdant Regeneration’s 200-acre site, as well as advising on major office schemes. M1 in Nottingham will also support student and strategic development alongside unrivalled development funding and investment expertise. Matthew has left his role as Head of the JLL Nottingham office, while James leaves his position as a Director in its Agency team, to lead M1’s new East Midlands offering. Richard Moffitt, Partner at M1 Agency, comments: “We have been looking to expand the operational coverage and expertise within the East Midlands and further north following a period of highly successful growth. Matthew and James are two of the highest profile agents with a proven track record within that market place and with the opening of a new office now it will give us the ideal platform to strengthen our position and drive forward our continued growth within these markets.” Matthew said: “We’re thrilled to be joining M1 at such a pivotal time for the business, opening a new office to enhance and expand the strength of advice the agency is known for nationally. “This is a really exciting new venture for James and I. M1 Agency are a recognised agency and consultancy practice with an excellent client base. They bring together a powerful brand and team that we are delighted to now be part of.” James added: “With a focus on leasing, development funding and investment, M1 Agency are a highly successful and agile business that deliver both the platform and expertise to grow. We will be combining our respective clients bases to create a new and successful East Midlands office for the business. Having worked together for over 15 years, Mat and I are now raring to go on this next career chapter.” M1 Agency East Midlands will operate from a new Nottingham office, building on a great business, offering agency services, development funding and investment advice across the East Midlands and North.
Isio, one of the country’s leading independent pensions advisory firms, has signed a lease for 9,183 sq ft of offices at Royal London’s 3 Hardman Square office building in Spinningfields, Manchester. CBRE and Colliers International represented Royal London and Cushman & Wakefield acted for Isio. Isio was formed following the sale of KPMG UK’s Pension Practice to a private equity firm in March 2020 and the firm has around 500 staff working from eight regional offices. At 3 Hardman Square, Isio will occupy part of the fourth floor. Royal London has undertaken a comprehensive investment programme at 3 Hardman Square to upgrade the ground floor reception area with the addition of a two-tiered business lounge, providing occupants of the building with informal meeting space and coffee making facilities. In addition, an impressive shower and cycle hub has been provided in the basement, which incorporates cycle racks, a drying room, lockers and shower facilities. Isio will join existing tenants the General Medical Council (GMC) and In-Touch Networks who occupy the 8th and 3rd floors respectively at 3 Hardman Square. Neil Mort, Senior Director at CBRE Manchester, commented; “Royal London’s investment into 3 Hardman Square has attracted yet another high-profile organisation to the refurbished building. To have concluded this deal during lockdown is a great result and we are confident that this will be an excellent base for Isio’s Manchester team.”
10-minute walk anyone? Picture an alternative reality where you can wake up and be at your workplace, school, supermarket, or sports centre within less than 10 minutes – walking. It’s a choice most people have to make, where there oughtn’t to be a choice at all – do I live nearer work, nearer the school, nearer the park? Bellharbour takes a look at the future of largescale developments, both in and out of the city environment. What is ‘mixed-use’? According to the MRSC of Washington, it’s a development that incorporates pedestrian friendliness and blends residential, commercial, cultural, or institutional uses. Others quote that mixed-use developments are “three-dimensional, pedestrian-oriented places that layer compatible land uses, public amenities and utilities together”. As you can see, the focus is on people and making the lives of the public much simpler. Developments such as this have been growing in popularity, especially with millennial buyers/renters. They allow people to work, live, play and shop in one place, whilst creating a destination for adjourning neighbourhoods. There are two main categories of mixed-use development: Vertical Different uses within the same building Public uses on lower floor i.e. shops, restaurants Private uses on upper floors i.e. offices, residences, hotels and Horizontal Single-use buildings within a mixed-use district Range of uses in one development Complementary and integrated uses that are walkable and within a given neighbourhood However, some developers like to combine the two. This still means 10 minutes of walking distance to core activities. Why mixed-use? It’s proven to work well. An old example is Soviet City Planning (USSR) during the cold war. Virtually identical city blocks were erected across many nations – it’s not going to be like this, don’t worry. But these blocks were built with a goal to get everyone to spend time outside in communal environments, working, eating, and socialising. This resulted in blocks within the cities, where people could travel easily on foot to food shops, places of work and education, and socially interact in parks and leisure spaces. More functionality, and less of a need for transport. This idea fits into the modern description of mixed-use developments and ties in with climate-friendly development design. Multi-purpose buildings/ areas take up less space on the ground, leaving more for green spaces and communal services. Today, examples of mixed-use can be found in a few UK town centre regeneration schemes, but according to Property Week “This approach, which is second nature in cities such as New York and Hong Kong, is only just starting to really pick up steam in London. This is surprising, given the huge benefits that well-thought-out mixed-use schemes can provide – especially from a planning and funding perspective.” We are seeing some areas of the UK pick up the model, such as a redesign in Keynsham (Somerset) to include shops, offices, public space, and the library has seen its popularity increase dramatically – breathing life into an otherwise tired town. A good design will combine social and private rental properties, private sale homes and health, education, community, retail and leisure facilities. Having a mix of tenants is a great way to secure the value and diversity of a development, too. One strikingly modern example of mixed-use on a larger scale is in Podil, Ukraine. This district of Kiev is known for its historical monuments which will be celebrated, and its relationship to the river Dnipro will be reconstructed with new connections. Podil’s new design incorporates promenade features along the Dnipro, with green islands for social interactions. Traffic infrastructure will be integrated, public space will be free to interpretation and the ecological network for nature is emphasised. Usually, mixed-use developments are incorporated outside city-centres but in recent city-centre regeneration projects, they are gaining popularity. This is a great source of profit injection to the local economy and is likely to improve its appeal to outsiders, bringing external economy. The McLaren Group Shoreditch scheme comes with residential apartments, school, commercial and gallery space, sports facilities, and community space. Combined with treatment rooms and landscaped gardens, this type of development really does provide a one-stop living environment to suit all. Is going up the way forward? Bidwells say that there’s a huge challenge for modern homes to hit the mark with offices and entertainment resources in the same space. As such, their redevelopment of Cambridge City station and space in central Oxford has also incorporated mixed-uses. Business Leader says that there is too much retail space in the UK, with high streets and shopping centres. The challenges of providing affordable housing that has minimal impact on the environment could be simultaneously solved by mixed-use developments – improving the local economy and repurposing abandoned/disused areas. The competition for luxury development spaces means mixed-use is the perfect alternative to purely retail or housing developments. Moreover, retail, work, and housing spaces are self-supporting, playing host to residential customers and visitors, who are more likely to return for convenience. Another priceless benefit is the potential for high-quality consumer-vendor relationships, building more of a rounded community. With a reduced need for transport and more focus on walking and cycling, mixed-use developments come with a reduced carbon footprint. There may also be greater availability of public transport services to those stationed further from amenities, workplaces and schools – not to mention reduced traffic around school areas!
CEG’s 200,000 sq ft EQ development in the heart of Bristol City Centre broke ground on the main construction phase this week, becoming the largest speculative office development currently underway in the south of England. BAM Construction has been appointed to deliver the striking glass building at 111 Victoria Street, close to Bristol Temple Meads Station. Raising the bar in terms of quality, occupant wellbeing and sustainability, EQ will provide 20,000 sq ft of occupier amenities such as a rooftop bar, restaurant and business lounge with communal terrace, ground floor café kitchen, 50 seat auditorium, as well as a fitness suite and break out space. The building will provide some of the largest open plan office floor plates in Bristol of up to 27,377 sq ft. CEG will also offer its ‘Let Ready Go’ studio concept, offering fully-equipped internet ready workstations enabling businesses immediate set up, easy expansion and contraction and access to high quality meeting and amenity space as part of a thriving and collaborative community. Over 500 construction jobs will be created per annum during the two-year build programme, as well as six local apprenticeship opportunities. Once complete, the building will accommodate over 2,000 people and will deliver £466 million GVA per annum from direct and indirect operational jobs*. Paul Richardson, investment manager at CEG, said: “We are making an immediate start on site in order to be in a position to offer 200,000 sq ft of the highest quality office space ready for occupation by the first quarter of 2023. “There is an acute shortage in supply of Grade A offices in Bristol and we’ve already seen a record number of pre let office deals in the city this year. We adopt an innovative approach to leasing, to deliver flexibility, as well as offering tenant fit outs, which reduces an occupier’s capital spend traditionally associated with a relocation.” Neil Dorrington, construction director for Bristol-based BAM Construction, said: “This must be one of the most ambitious schemes ever constructed in Bristol, which is a tremendous testament to CEG. “BAM’s early and close association with the development of it over a prolonged period means we can bring our expertise in digital construction and our sustainability credentials to bear even more so than on many other schemes. Our time on site means we can also achieve great social value for the city.” Marvin Rees, Mayor of Bristol, said: “As we face severe recession, contraction to Bristol’s economy and employment losses, news of such a major sustainable investment to bring job opportunities and social value to our city is hugely positive and welcome. “Working with city partners to achieve Bristol’s potential, our economic renewal should be focused on tackling inequality and building a fair, healthy and sustainable city. This type of sustainable development will help us build back better together.’’ Architect Aukett Swanke has designed the building with sustainability, amenity, health and well-being at its core. Targeting BREEAM Outstanding, the building provides photovoltaic units on the roof, rainwater harvesting, efficient heating, cooling and lighting systems, extensive cycling parking, showers, electric vehicle and e-bike charging points and will be connected to Bristol City Council’s District Heating Network. This will help occupiers trying to meet their carbon reduction targets. In a first for Bristol, a dedicated bicycle entrance and ramp from Temple Street to the basement provides easy access to more than 260 cycle spaces, which is in excess of industry standard. Health club quality changing and shower facilities are also provided. This gives cyclists priority on accessing the building, something which will prove even more important post Covid. Luke Schuberth, UK managing director of Aukett Swanke, said: “EQ will be a first class piece of architecture that we have enjoyed being involved in creating. It is testament to a client that has clear ambition and vision and a design team that has a strength in depth and a culture of pushing innovation. It has been a joy to design EQ, to stretch the boundaries of office design with health and well-being and a sustainable ethos that is at the core. The building will increase the energy of the people within it, whilst reducing the energy required to run it. We are delighted that it will now be realised and look forward to its completion.” Designed as a Smart Tech enabled building, there will also be fewer touch points, increased air changes and air quality sensors, benefitting occupiers in a post-Covid world. The scale, quality and flexibility offered by the building, as well as its strategic location close to Temple Meads, opens up significant opportunities for new inward investing companies keen to access the south west market. Jones Lang LaSalle and Cushman and Wakefield have been appointed by CEG to launch the building to market. Ian Wills of JLL explains: “Living costs have rocketed in London and skilled staff are finding it too expensive and over-crowded. Employers are looking elsewhere and Bristol has always appealed; just 80 minutes from the heart of London, it offers a large skilled workforce and great quality of life which help to attract and retain employees. “CEG with a long term investment and management approach is also able to offer a unique Core and Flex model which allows a business to expand and contract within the space. This will help to manage company growth and additional projects, as well as seasonal demand and the effects that social distancing will have on their office requirements.” Andy Heath of Cushman and Wakefield states: “We are confident we will secure a pre-let, not just due to the high market demand in Bristol, but because this offers a workspace that is sustainable, efficient, flexible, healthy, digitally resilient and future-proofed – it will set a new benchmark for regional offices.” CEG has one of the largest office development pipelines in Bristol, offering some 400,000 sq ft in its local portfolio at The Quorum, The Crescent Centre, 1000 Aztec West and EQ. The Quorum has been recently refurbished, and a planning consent has
WORKPLACE refreshment specialists, R+R Hub is preparing to expand following an off-market commercial property deal by Innes England. Property consultancy Innes England has successfully secured two new units for the business, which designs and installs custom-built ‘micro-markets’, the perfect canteen alternative, for offices around the country, creating the ultimate refreshment hub for employees in the workplace. Innes England, which has offices in Nottingham, Derby and Leicester, advised R+R Hub that there was an opportunity to acquire the neighbouring property as it wanted to secure the growth of its current headquarters Spanning around 8,000 sq. ft., the two units sit in a prime location, close to both Netherfield and Carlton train stations, and Colwick industrial estate. Currently occupied by polythene manufacturers Flexopack, the units at Pintail Close offer opportunity for future growth for Innes England’s client. With its extensive connections and exclusive access to off-market properties, Innes England was able to acquire both the units for R+R Hub, neither of which were available on the commercial market, as part of an off-market deal with Nottingham agent Anthony Barrowcliffe of FHP. Ross Whiting, associate director at Innes England who managed the sale, said: “R+R Hub came to us with a detailed brief of its requirements and we’re pleased to have delivered on its requests. We pride ourselves on being able to secure off-market, exclusive properties for our clients, going above and beyond to find the perfect site to suit their needs. “Pintail Close was no exception and although the units were not initially available, we overcame the challenge and we were able to strike a successful deal for our client to secure the asset for future growth.” Anthony Barrowcliff, surveyor at FHP, added: “I initially let Units 4 and 4A for the landlord so I am particularly pleased that I could go on to sell the investment. As a whole, there are currently very few opportunities within Nottingham to secure good quality industrial units or investments. “With few assets of this size and nature available, we were able to agree the sale of this property before placing it on the market. There is strong investment demand for high-calibre industrial assets like Pintail Close which has meant investments like this have become very sought after”. Simon Leadley, director of Refreshingly Rewarding Ltd, said: “The new units are exactly what we were looking for when we approached Innes England. It’s not easy to find two adjacent units available at the same time so we were really impressed with Innes England’s ability to secure both sites, despite one not being commercially available. “We’re really pleased to now own three units next to each other, with all the opportunity this brings for the future of R+R Hub.” Find out more at http://www.innes-england.com or join the conversation at @InnesEngland.
Fiera Real Estate (“FRE UK”) and Opus North are delighted to announce that construction has started on site at 12 King Street, having received planning permission for the premier Grade A office building in September 2020. The property, which occupies a prime position in the heart of Leeds’ CBD, was acquired in January 2020 on behalf of Fiera Real Estate Opportunity Fund V UK (“FREOF V UK”), the latest fund in Fiera Real Estate’s programmatic venture series with CBRE Global Investment Partners (“CBRE GIP”). FREOF V UK is targeting £250m of value add and opportunistic transactions and FRE UK are actively seeking similar city centre redevelopment opportunities in the £5-£25m range. Opus North have appointed GMI Construction Group to undertake the renovation of the landmark Leeds City Centre office building which is being developed speculatively and will deliver 54,500 sq. ft. of super prime office accommodation once complete by the Autumn of 2021. The building has been carefully designed by DLA Design to take into consideration the rapidly evolving office market and with tomorrow’s occupier in mind, boasting cutting-edge ‘smart’ building technology alongside market leading sustainability and well-being features credentials. The transformation includes a striking new façade, complete replacement of the fifth and sixth floors, a state-of-the-art cycle spa and two new floors boasting an unrivalled communal sky lounge with extensive roof terraces. The project will bring much needed high-spec office accommodation to Leeds and serves to be one of the most high profile office redevelopments, proving investor confidence in the city’s office market. The project is central to FRE UK’s investment thesis to create best in class sustainable buildings in markets with strong fundamentals, which is more important now than ever. Knight Frank and Fox Lloyd Jones are representing FRE UK and Opus North in seeking occupiers for this game changing development. Andrew Duncan, Managing Director of Opus North commented “We are creating the post Covid-19 contemporary workspace in the heart of Leeds, where technology, open spaces, roof gardens, fresh air, air-conditioning, combined with an exemplary approach to customer service, ensure we are the best-in-class office product in the city. We have challenged our design team of market-leading consultants to innovate and think outside to box to ensure we’re not just ploughing the same old furrow and doing what’s been done before. We have embraced the current climate, rolled with the changes and now we are close to launching the future of the post-pandemic workplace. Watch this space. “ Lee Powell, GMI Divisional Managing Director said: “12 King Street serves as one of the most-high profile and iconic developments within Leeds Central Business District and this landmark redevelopment project is drawing a lot of interest. Having undertaken the extensive refurbishment and redevelopment of the award winning ‘33 Wellington Street’ in Leeds for Walker Morris’ new office, it feels befitting that we have now been entrusted to embark on breathing life into Walker Morris’ previous office in the heart of the city centre and we’re planning on this project being just as successful” We are extremely happy and proud to be awarded this contract and entrusted by both Opus North and FRE UK to deliver the renaissance of this specular building. We look forward to working closely with Opus and FRE UK and the full professional services team”.
Barings, one of the world’s largest diversified real estate investment managers, has announced that its 180,000 sq. ft. Landmark office development at St Peter’s Square in Manchester City Centre offers occupiers a ‘touch-free’ experience due to a host of smart technology features. Technology forms an integral part of Landmark’s design, which is why it achieved Wired Score Platinum certification. Landmark includes a host of features such as: pre-installed ultra-fast fibre connections with Colt, Openreach and Telcom; free WiFi; intelligent destination control lifts; smart building management systems, close proximity to The Loop network, smart access control and visitor management systems; a bespoke occupier engagement app; intelligent LED lighting that responds to outside conditions; and solar panels on the roof generating on-site electricity. Recent research undertaken by CBRE, joint agents on Landmark with Colliers International, states that adoption of touch-free technology and other smart building tools will support new work practices as part of updated occupier strategies. CBRE’s 2020 Occupier Flash Survey, conducted in May 2020, concluded that touch-free technology is expected to be adopted by 45% of those surveyed with 41% reporting an increased interest in buildings with WELL or sustainable features. The survey suggests technology investment was very much at the heart of occupiers’ strategies before the protocol shifts necessitated by the pandemic, at which time 83% of EMEA occupiers reported they were intending to increase future investment in real estate technology and 21% said they were prepared to pay a rental premium of more than 20% for tech-enabled buildings. Ian Mayhew, Managing Director at Barings, said; “Having acknowledged that forward-thinking businesses want next generation office space with resilient digital connectivity, the technological infrastructure at Landmark played a vital role in the design and construction of the building. Recent events have highlighted the importance of providing occupiers with a touch-free experience in addition to the all-important ‘plug and play’ set up when they move in and the ability to work at speed on a daily basis without interruptions. “From entering the building, either on foot through the revolving doors, or by car or cycle, occupiers and visitors have a completely touch-free journey through the building to their office destination in large part thanks to the bespoke occupier app working in conjunction with smart access controls and visitor management systems” Said Mayhew. Neil Mort, Senior Director at CBRE Manchester, continued: “CBRE’s research shows that investment in technology is now an integral part of occupiers’ real estate strategies advancing beyond a ‘nice to have’ to a ‘must have’ element. Digital buildings help to drive operational efficiencies and reduce costs as well as enhance productivity and improve the occupier experience, ensuring that the value of integrated technology extends far beyond the immediate health situation. Covid-19 has changed and challenged the way we work, with digital lifelines now more essential than ever. It has also presented an opportunity for companies to accelerate their digital transformation. Landmark is well placed to help a wide cross section of companies enter a ‘new normal’.” The technological infrastructure at Landmark is a key reason high profile companies such as global property consultancy JLL relocated its 170-strong Manchester team to the 10th floor; now JLL’s largest commercial office outside of London, and why strong interest is being shown in the remainder of the space. Landmark offers 14 floors of BREEAM Excellent, virtually column-free office space and was built with an offset core to enable not only large and efficient floorplates but also maximum flexibility to occupiers. This removes a design barrier in any fit-out project and enables occupiers to design their office space in a flexible way, allowing the workplace to accommodate social distancing guidelines if needed again in the future. Substantial private and public sector capital has gone into the transformation of St Peter’s Square and the Civic Quarter in recent years. This has led to a number of major occupiers relocating to the area. Landmark, which has received overwhelming support from Manchester City Council, is the concluding project for the prime St Peter’s Square business district.
